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The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities...

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Accounting

The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $86,081 Accounts Payable Accounts Receivable 11,792 Wages Payable Inventory 155,159 Notes Payable Prepaid Rent 5,629 Paid-In Capital Equipment Total Assets 349,242 $607,903 Total Equities Retained Earnings $209,783 1,221 33,687 298,887 64,325 $607,903 The following summary transactions occurred during 2021: paid $88,217 to suppliers for merchandise previously purchased on account purchased $319,308 of merchandise on account and $164,492 for cash sold merchandise for $493,419 on account and $221,681 for cash; the merchandise cost $421,909 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $8,154 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 2021? A: $364,441 B: $484,707 OC: $644,660 OD: $857,398 OE: $1,140,339 OF: $1,516,651 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? OA: $425,316 OB: $531,646 OC: $664,557 OD: $830,696 E: $1,038,370 OF: $1,297,963 Submit Answer Tries 0/99

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